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California Free Printable 2023 Form 3885L Depreciation and Amortization for 2024 California Depreciation and Amortization

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Depreciation and Amortization
2023 Form 3885L Depreciation and Amortization

TAXABLE YEAR 2023 CALIFORNIA FORM 3885L Depreciation and Amortization Name as shown on return California Secretary of State (SOS) file number FEIN (a) Description of property (b) Date placed in service (mm/dd/yyyy) (c) Cost or other basis Amortization of property Depreciation of assets Tangible and intangible assets placed in service during the 2023 taxable year: (d) (e) Method Life or of figuring rate depreciation (f) Depreciation for this year (g) (h) (i) Code Period or Amortization for section percentage this year 1 1 Enter line 1, column (f) and column (i) totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Depreciation Be sure to make adjustments for any basis differences when calculating depreciation. 2 California depreciation for assets placed in service beginning before the 2023 taxable year . . . . . . . . . . . . . . . . . . . . . . 3 Total California depreciation. Add line 1(f) totals and line 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amortization Be sure to make adjustments for any basis differences when calculating amortization. 4 California amortization for intangibles placed in service beginning before the 2023 taxable year . . . . . . . . . . . . . . . . . . 5 Total California amortization. Add line 1(i) totals and line 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Total depreciation and amortization. Add line 3 and line 5. Enter the total here and on Form 568, Schedule B, line 17a, if from a trade or business, or on federal Form 8825, line 14, if from rental real estate activities . . . . . . . . . . . . . . . . . . 7 IRC Section 179 expense deduction from line 12 of the worksheet in the instructions . . . . . . . 7 8 Carryover of disallowed deduction to 2024 from line 13 of the worksheet in the instructions. . 8 2 3 4 5 6 General Information B In general, for taxable years beginning on or after January 1, 2015, California law conforms to the Internal Revenue Code (IRC) as of January 1, 2015. However, there are continuing differences between California and federal law. When California conforms to federal tax law changes, we do not always adopt all of the changes made at the federal level. For more information, go to ftb.ca.gov and search for conformity. Additional information can be found in FTB Pub. 1001, Supplemental Guidelines to California Adjustments, the instructions for Schedule CA (540), California Adjustments - Residents, or Schedule CA (540NR), California Adjustments - Nonresidents or Part-Year Residents, and the Business Entity tax booklets. The instructions provided with California tax forms are a summary of California tax law and are only intended to aid taxpayers in preparing their state income tax returns. We include information that is most useful to the greatest number of taxpayers in the limited space available. It is not possible to include all requirements of the California Revenue and Taxation Code (R&TC) in the instructions. Taxpayers should not consider the instructions as authoritative law. California law has not always conformed to federal law with regard to depreciation methods, special credits, or accelerated write-offs. Consequently, the recovery periods and the basis on which the depreciation is calculated may be different from the amounts used for federal purposes. Reportable differences may occur if all or part of your assets were placed in service: • Before January 1, 1987: California disallowed depreciation under the federal Accelerated Cost Recovery System (ACRS). Continue to calculate California depreciation in the same manner as in prior years for those assets. • On or after January 1, 1987: California provides special credits and accelerated write-offs that affect the California basis for qualifying assets. California does not conform to all the changes to federal law enacted in 1993. Therefore, the California basis or recovery periods may be different for some assets. California law does not conform to the federal law for: • IRC Section 168(k) relating to the depreciation deduction for certain assets. • The enhanced IRC Section 179 expensing election. • The expanded definition of IRC Section 179 property for certain depreciable tangible personal property related to furnishing lodging and for qualified real property for improvements to nonresidential real property. • Federal modifications to amortization of research and experimental expenditures (IRC Section 174). A Purpose Use form FTB 3885L, Depreciation and Amortization, to compute depreciation and amortization allowed as a deduction on Form 568, Limited Liability Company Return of Income. Attach form FTB 3885L to Form 568. Depreciation is the annual deduction allowed to recover the cost or other basis of business or income producing property with a determinable useful life of more than one year. Land is not depreciable. Amortization is an amount deducted to recover the cost of certain capital expenses over a fixed period. 7651233 Federal/State Calculation Differences FTB 3885L 2023 Side 1 Specific Line Instructions Additional differences may occur for the following: • Luxury Automobile Depreciation: Sport utility vehicles and minivans built on a truck chassis are included in the definition of trucks and vans when applying the 6,000 pound gross weight limit. However, California does not conform to the federal modifications to depreciation limitations on luxury automobiles (IRC Section 280F). Line 1 – California depreciation for assets and amortization for intangibles placed in service during the 2023 taxable year. Complete column (a) through column (i) for each asset or group of assets or property placed in service during the 2023 taxable year. Enter the column (f) totals on line 1(f). Enter the column (i) totals on line 1(i). Depreciation limitations placed in service in the calendar year 2023: For passenger automobiles (that are not trucks or vans) Tax Year 1st Tax Year 2nd Tax Year 3rd Tax Year Each Succeeding Year Line 2 – California depreciation for assets placed in service beginning before the 2023 taxable year. Amount $3,860 $6,100 $3,650 $2,175 Enter total California depreciation for assets placed in service beginning before the 2023 taxable year, taking into account any differences in asset basis or differences in California and federal tax law. Line 4 – California amortization for intangibles placed in service beginning before the 2023 taxable year. Enter total California amortization for intangibles placed in service beginning before the 2023 taxable year, taking into account any differences in asset basis or differences in California and federal tax law. For trucks and vans Tax Year 1st Tax Year 2nd Tax Year 3rd Tax Year Each Succeeding Year Amount $4,260 $6,800 $4,050 $2,475 Assets with a Federal Basis Different from California Basis Some assets placed in service on or after January 1, 1987, will have a different adjusted basis for California purposes due to the credits claimed or accelerated write-offs of the assets. Review the list of depreciation and amortization items in the instructions for Schedule CA (540) and Schedule CA (540NR). If the LLC has any other adjustments to make, get FTB Pub. 1001, for more information. For lease inclusion indexing amounts, go to ftb.ca.gov/forms/search and enter lease inclusion. • Amortization of Certain Intangibles (IRC Section 197): Property classified as Section 197 property under federal law is also Section 197 property for California purposes. There is no separate California election required or allowed. However, for Section 197 property acquired before January 1, 1994, the California adjusted basis as of January 1, 1994, must be amortized over the remaining federal amortization period. • Grapevines Subject to Phylloxera or Pierce’s Disease: For California purposes, replacement grapevines may be depreciated using a recovery period of five years instead of ten years. This list is not intended to be all-inclusive of the federal and state differences. For additional information, refer to California’s R&TC. Line 6 – Total Depreciation and Amortization Add line 3 and line 5. Enter the total on line 6 and on Form 568, Schedule B, line 17a. If depreciation or amortization is from more than one trade or business activity, or from more than one rental real estate activity, the LLC should separately compute depreciation for each activity. Use the depreciation computed on this form to identify the net income for each activity. Report the net income from each activity on an attachment to Schedule K-1 (568), Member’s Share of Income, Deductions, Credits, etc., for purposes of passive activity reporting requirements. Use California amounts to determine the depreciation amount to enter on line 14 of federal Form 8825, Rental Real Estate Income and Expenses of a Partnership or an S Corporation. Line 7 Enter the IRC Section 179 expense deduction amount from line 12 of the following worksheet. These limitations apply to the LLC and each member. Election to Expense Certain Tangible Property (IRC Section 179) Worksheet Follow the instructions on federal Form 4562, Depreciation and Amortization, for listed property. 1 Maximum dollar limitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 Total cost of IRC Section 179 property placed in service during the taxable year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Threshold cost of IRC Section 179 property placed in service during the taxable year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Reduction in limitation. Subtract line 3 from line 2. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 Dollar limitation for taxable year. Subtract line 4 from line 1. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 (a) Description of property (b) Cost (c) Elected cost 6 7 8 9 10 11 Listed property. Use federal Form 4562, Part V, line 29. Make adjustments for California law and basis differences . . . . . . 7 Total elected cost of IRC Section 179 property. Add amounts in column (c), line 6 and line 7 . . . . . . . . . . . . . . . . . . . . . . . 8 Tentative deduction. Enter the smaller of line 5 or line 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Carryover of disallowed deduction from 2022. See instructions for line 10 through line 12 on federal Form 4562 . . . . . . 10 Income limitation. Enter the smaller of line 5 or the aggregate of the LLC’s items of income and expense described in IRC Section 702(a) from any business actively conducted by the LLC, other than credits, tax-exempt IRC Section 179 expense deduction, and guaranteed payments under IRC Section 707(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 12 IRC Section 179 expense deduction. Add line 9 and line 10, but do not enter more than line 11. Enter on Schedule K (568), line 12 and on form FTB 3885L, line 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 13 Carryover of disallowed deduction to 2024. Add line 9 and line 10 and subtract line 12. Enter here and on form FTB 3885L, line 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Page 2 FTB 3885L Instructions 2023 $ 25,000 $200,000
Extracted from PDF file 2023-california-form-3885-l.pdf, last modified November 2023

More about the California Form 3885-L Individual Income Tax TY 2023

This form contains general information and specific line instructions on depreciation and amortization of individual income tax.

We last updated the Depreciation and Amortization in January 2024, so this is the latest version of Form 3885-L, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 3885-L directly from TaxFormFinder. You can print other California tax forms here.

Other California Individual Income Tax Forms:

TaxFormFinder has an additional 174 California income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form 540 California Resident Income Tax Return
Form 540 Booklet Personal Income Tax Booklet - Forms & Instructions
Form 540 Schedule CA California Adjustments - Residents
Form 540-ES Estimated Tax for Individuals
Form 540-540A Instructions California 540 Form Instruction Booklet

Download all CA tax forms View all 175 California Income Tax Forms


Form Sources:

California usually releases forms for the current tax year between January and April. We last updated California Form 3885-L from the Franchise Tax Board in January 2024.

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About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of California Form 3885-L

We have a total of thirteen past-year versions of Form 3885-L in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 Form 3885-L

2023 Form 3885L Depreciation and Amortization

2022 Form 3885-L

2022 California Form 3885 L Depreciation and Amortization

2021 Form 3885-L

2021 Form 3885L Depreciation and Amortization

2020 Form 3885-L

2020 Form 3885 L Depreciation and Amortization

2019 Form 3885-L

2019 California Form 3885 L Depreciation and Amortization

2018 Form 3885-L

2018 Form 3885 L - Depreciation and Amortization

2017 Form 3885-L

2017 Form 3885-L - Depreciation and Amortization

2016 Form 3885-L

2016 Form 3885L - Depreciation and Amortization

Depreciation and Amortization 2015 Form 3885-L

2015 Form 3885L -- Depreciation and Amortization

Depreciation and Amortization 2014 Form 3885-L

2014 Form 3885L -- Depreciation and Amortization

Depreciation and Amortization 2013 Form 3885-L

2013 Form 3885L -- Depreciation and Amortization

2012 Form 3885-L

2012 Form 3885L

2011 California Form 3885L 2011 Form 3885-L

2011 Form 3885L -- Depreciation and Amortization


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